EMI sells Hollywood landmark Capitol Records Tower

EMI selling landmark Capitol Records Tower

By Chris MorrisThe Hollywood ReporterSeptember 29, 2006

EMI Music North America has signed an agreement to sell the historic Capitol Records Tower in Hollywood to New York commercial property firm Argent Ventures, but Capitol will remain housed in the building under a long-term lease. EMI said the sale of the 50-year-old Vine Street landmark was part of its strategy to divest non-core real estate assets.

Some properties are subject to lease-back agreements; earlier this year, EMI sold and leased two facilities in Japan. EMI Music North America chairman/CEO David Munns said: "This is part of the restructuring effort we announced in April, and will help to ensure our organization remains flexible, with a focus on investment in the key areas of A&R, marketing and the development of our digital business. We are happy to carry on the heritage and tradition of making and marketing great music in this building."